FivePoint’s Newest Venture Buys Broadcom Campus in Orange County
August 10 2017 - 06:22PM
Business Wire
73-Acre Corporate Campus Will Be Renamed
“Five Point Gateway”
Broadcom to Remain as Largest Tenant
Five Point Holdings, LLC (NYSE:FPH) is leading an investor group
in the $443-million purchase of Broadcom Limited’s 73-acre
corporate campus in Great Park Neighborhoods.
The campus includes approximately 1 million square feet planned
for research and development and office space across four buildings
designed to accommodate thousands of employees. The campus will be
renamed “Five Point Gateway.” Broadcom will remain the largest
tenant, leasing approximately 660,000 square feet of research and
development space pursuant to a 20-year lease.
FivePoint will be the majority owner of the campus through a new
company called Five Point Office Venture Holdings I, LLC that also
includes additional members, both of whom are affiliates of
existing partners of FivePoint in its Great Park Venture.
“We’re excited to lead this new company in acquiring this campus
that will be home to several thousand employees,” said FivePoint
Chairman and Chief Executive Officer Emile Haddad. “This venture
adds a new dimension to our company as we start building our
commercial portfolio.
“We believe it is vital for Irvine and the region to create a
jobs-to-housing balance that positively impacts all aspects of
community life from traffic to lifestyle to more time with family,”
Haddad said. “Providing jobs close to where people live is a
fundamental aspect of all of our communities.”
FivePoint’s other venture that is the master developer of Great
Park Neighborhoods (Heritage Fields El Toro, LLC) originally sold
the land to Broadcom in 2015 but retained a buy-back option on the
site, which is located at the southeast corner of Great Park
Neighborhoods near the San Diego Freeway and Irvine’s
Transportation Center. Broadcom elected to sell the campus after
the merger of Broadcom Corporation and Avago Technologies,
thereafter becoming known as Broadcom Limited.
In addition to Broadcom, both FivePoint and its largest
shareholder, the homebuilder Lennar (NYSE: LEN and LEN:B) will be
separate tenants on the campus. The balance of new office space –
about 230,000 square feet – will be leased to other tenants.
“The opportunity to become more enmeshed in the daily life of
Irvine’s thriving business community has always been part of our
long-term plan,” Haddad said. “We are proud to have Broadcom, a
world-class technology company, as our first and largest tenant –
and are looking forward to very soon joining it as a neighbor.”
About FivePoint
FivePoint, headquartered in Aliso Viejo, California,
designs and develops mixed-use, master-planned communities in
coastal California. FivePoint is developing vibrant and sustainable
communities in Orange County, Los Angeles County, and San Francisco
County that will offer homes, commercial, retail, educational, and
recreational elements as well as civic areas, parks, and open
spaces. FivePoint’s three communities are: Great Park
Neighborhoods® in Irvine, Newhall Ranch® near Valencia, and The San
Francisco Shipyard/Candlestick Point in the City of San Francisco.
The communities are planned to include approximately 40,000
residential homes and approximately 21 million square feet of
commercial space.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170810006257/en/
FivePoint Holdings, LLCSteve Churm, Chief Communications
OfficerOffice: (949) 349-1034Cell: (714)
914-0611Steve.Churm@fivepoint.com
Five Point (NYSE:FPH)
Historical Stock Chart
From Feb 2024 to Mar 2024
Five Point (NYSE:FPH)
Historical Stock Chart
From Mar 2023 to Mar 2024